SYSTEM AND METHOD OF MANAGING AN INSURANCE SCHEME

• US 20090299776A1
• Filed: 06/03/2009
• Published: 12/03/2009
• Est. Priority Date: 06/03/2008
• Status: Active Grant

• Current Assignee: Discovery Limited
• Original Assignee: Discovery Holdings Limited (Prudential PLC)
• Inventors: RABSON, Kenneth Steven, MAYERS, Herschel Phillip, GORE, Adrian
• Granted Patent: US 8,326,655 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system for managing an insurance scheme includes a benefit module to define at least one insured event for an insured person and to define at least one benefit to be paid out on the occurrence of one of the insured events. A calculation module alters the at least one benefit based on a) a time factor; and b) the life impact of the insured event on the insured person. An awards module, on the occurrence of the at least one insured event, provides the at least one altered benefit to the insured person.

Claims

1. A system for managing an insurance scheme, the system including:

a benefit module to define at least one insured event for an insured person and to define at least one benefit to be paid out on the occurrence of one of the insured events;

a calculation module to alter the at least one benefit based on;

a) a time factor; and

b) the life impact of the insured event on the insured person; and

an awards module to, on the occurrence of the at least one insured event, provide the at least one altered benefit to the insured person.

2. A system according to claim 1 wherein the calculation module calculates the life impact of the insured event and allocates a score to this.

3. A system according to claim 2 wherein the calculation module achieves this by further breaking down the life impact into one or more of the following criteria:

duration of impact;

invasiveness of surgery;

pharmacological;

therapy or rehabilitation required;

chemotherapy or radiotherapy; and

assisted devices required or care required.

4. A system according to claim 3 wherein the calculation module allocates a point value to each criteria and then the sum of the point values allocated is calculated by the calculation module to determine a total life impact points value.

5. A system according to claim 1 wherein the calculation module calculates the time factor in the form of a durational score by assessing the duration of impact of the insured event and allocating a durational score to this.

6. A system according to claim 5 wherein the calculation module calculates the durational score for a permanent life impact by calculating an average duration to retirement for the insured person.

7. A system according to claim 1 wherein the calculation module additionally uses an earnings factor to adjust the amount of the calculated benefit.

8. A system according to claim 7 wherein the calculation module calculates the earnings factor based on the occupation of the insured person and whether they have a standard salary growth expectation or a high salary growth expectation.

9. Apparatus for managing an insurance scheme, the apparatus including:

means for defining at least one insured event for an insured person;

means for defining at least one benefit to be paid out on the occurrence of the at least one insured event;

means for altering the at least one benefit based on;

a) a time factor; and

b) the life impact of the insured event on the insured person; and

means for on the occurrence of the at least one insured event providing the altered at least one benefit to the insured person.